First loan.... Few Questions Confused....and APPROVED....Thanks

[Anonymous]

I've never had a auto loan. I've always paid for my cars in cash but with some other things going on now in my life I'll be forced to finance my next car. The only long term loan I've had was for a student loan which is now 100% paid off with no late payments over 11 years.  

 I have a few questions I under stand that all the car loans will lump together and show up as one pull for scoring purpose later but how long do I have to apply for those loans? Should I apply for them all with in 30 minutes or can i spread it out over a few days? Also I have 2 houses in two states, my drivers license is for my house in Michigan where the new car will be registered but I'm currently working in Delaware and have a place in Delaware.  When I apply should I put the Michigan address since that is where the car will be registered? 

I plan to apply with Capital One, they have been good to me with credit cards so I'm hoping to carry on our relationship. I also plan to apply to DCU or Penfed and a few smaller Credit unions. If everyone turns me down god forbid then I'll hit u2drive or lending tree but that's a last option.  I'm only looking to borrow 15k or less. I'll be getting a low mile used car hopefully awd.   

Fico normal scores in signiture....Auto Scores are as follows...Eq.8    762, Eq.5    665    Tu8  682   Tu4 716    Eq8   696    Eq2   695

Thanks so much....

[Anonymous]

O and if it matter... Personal Income 46500 .... Household 80k. Same job last 5+ years. 

[Anonymous]

I'm in a similar situation as you, but with lower scores. Based on the information you provided, I would hit up DCU first. Their rates are going to be tough to beat. If you can't get a good rate there, then next would be CapitalOne. At least that's the approach I'm going to take.

The big difference is that CapitalOne requires you to use their network of car dealers. I don't think DCU cares where you source the vehicle.

Good luck and let us know how it turns out.

[Anonymous]

Sounds like what you are concerned with is the hard pulls from applying with multiple lenders.  I strongly suggest that you go with a credit union and get approved through them, short of a factory sponsored finance deal you won't find a regular bank that is likely to beat someone like DCU.  If you have a prequalfiy from a place like DCU that you can live with you have one HP and that is it.  Go to a dealer and ask them to set up financing and they will blast your credit out to a host of lenders 5-10 in some cases, so you get a ton of HP at once.  I wouldnt be terribly worried about HP's but if you can avoid them all the better.  Also remember that most dealers seek to mark up interest when they arrange a loan for you so best to walk in the door with a prequalifed loan and go from there.  Best of luck, you should have no problem getting a loan from what you have shared.

[DantGwyrdd]

---

@Anonymous wrote:

 I have a few questions I under stand that all the car loans will lump together and show up as one pull for scoring purpose later but how long do I have to apply for those loans? Should I apply for them all with in 30 minutes or can i spread it out over a few days?

---

If they're coded correctly, the car loan inqs you end up with within a two week window will count as one for scoring purposes.

Note: they may not all be coded correctly.

[Anonymous]

Dcu needs more time it said they will email me. Capital one approved me for 4-25k but a crappy rate of 8.69+. I'll apply for Penfed and a local credit union in the next day.  I'm have to go into work now.  I'm looking for a 2nd bank anyway. I use PNC for personal spending and checking but I'm looking for a bank or credit union to deposit pay checks in and do general business with.

Thinking Cap 1 gave me a high interest rate because a few months ago I went on a app spree and I'm still not fully recovered. At least I now have them as a back up. 

[Anonymous]

Now it seems my biggest hurdle is that my Drivers license is for my house in Michigan and I'm buying the car at my house in Delaware. In Delaware the only things I have in my name are my apartment and credit card bills. Everything else goes to Michigan. 

[Anonymous]

You should not have a problem buying a car in one state and registering it in another state.

I bought two cars (two years apart) from an Auto Dealership in Ohio and I live in Florida.

I had lived in Ohio for lots of years and relocated to FL but didnt know any dealers here.   I bought a Honda from a dealer and a couple years later I bought an Acura from a different dealer but same owner group.

Both times they charged me the correct sales tax for my county and gave me 30 day Temporary Tags and mailed the metal tags for my state.  From what I understand, they pay a company that provides a service where they send someone to a state dmv office and submit the papers to get the metal plates and then ship them back to the dealer.  They complete their end and Fedex them back to me.

The only problem I see for you would be getting the metal plates.  If you are trading in a car that is not a lease, you might be able to keep the plates and transfer them to the new car.  Otherwise, you need to arrange for the plates. 

I would be willing to bet that the dealer has faced this problem before and knows how, or can find out how to solve it.

GL

[Anonymous]

What a big hassle this has been. So my house is the guest house for an old mansion "we have a lot like this in the area" so it's been a pain in the ass to prove my address. 

Anyway.... After stopping at 2 credit unions I decided against applying for them right now, they both gave me the run around about being a Michigan resident and living in Delaware. 

When I got home, I applied for DCU, PennFed, PNC, and Capital One. I only asked for 15k.  I'm buying a house at the end of next year so I want to keep payments down.

PennFed DENIED  The lady told me with cosigner I could get approved but she was not sure what my Apr would be. I passed. Keeping the account they force you to open with them open so that at a later date I might be able to refinance. 

DCU APPROVED me for 18,500 @8.49 and you have to get the car from one of the dealer's they work it.    Meh... Think I might open a account with them also since they already pulled y credit. 

Capital One Approved me for 12.5-25k @6.8-15% depending on make, model, miles ect... I'm also having a hard time making them believe it's me at my address despite the fact they have issued me 30k in credit cards to this address. 

PNC Blank Check ...APPROVED.....     2 minutes to apply and 45 seconds later approved.... 15k I asked for at 4.2-4.8%.....Best part they cut you a blank check, you take the check with you and use it like cash. They also over night you the check for free. Use it at any licensed dealer.      This is the option I'm going with.  

Sorry about the bad grammar, I've only slept 4 hours in the last 60. Working crazy hours this week to take off for a long weekend. 

[Anonymous]

O  most states let an immediate family register a car for you, if you are put pf state. I have had my dad do it for me. You have to go on the DMV site print a special paper sign it and have them take it in when they go.       But this time I'm hoping to fly home for the weekend and take care of it.      

Thanks Again Everyone.